China will apply export license management to 83 steel products from May 20, as part of moves to control expanding steel exports , according to the Ministry of Commerce.
The Ministry has issued a joint notice with the General Administration of Customs saying that 83 steel products including cold-rolled sheets, hot-rolled steel rolls and plates are subject to export licenses. The license system only applies in general trade.
China exported 14.13 million metric tonnes (mt) of steel products in the first quarter, up 118.4% from the same period a year earlier, according to the General Administration of Customs. The nation exported 5.38 million mt of steel in March, slightly less than the record high set last December.
On April 15, China removed export tax rebates on 83 steel products and lowered the rate on 76 others to 5% in a bid to cut its trade surplus. That surplus soared to USD 46.44 billion in the first quarter of this year, nearly double the USD 23.3 billion surplus in the same period last year.
The Ministry has issued a joint notice with the General Administration of Customs saying that 83 steel products including cold-rolled sheets, hot-rolled steel rolls and plates are subject to export licenses. The license system only applies in general trade.
China exported 14.13 million metric tonnes (mt) of steel products in the first quarter, up 118.4% from the same period a year earlier, according to the General Administration of Customs. The nation exported 5.38 million mt of steel in March, slightly less than the record high set last December.
On April 15, China removed export tax rebates on 83 steel products and lowered the rate on 76 others to 5% in a bid to cut its trade surplus. That surplus soared to USD 46.44 billion in the first quarter of this year, nearly double the USD 23.3 billion surplus in the same period last year.